New Chicago Real Estate Going Up

With the rental market hotter than ever, ground will be broken on Wednesday to build a new Chicago real estate apartment tower near Navy Pier.

The groundbreaking ceremony will be held at 10 a.m. September 14 at 500 N. Lake Shore Drive, where the 45-story, 500-unit apartment building will be constructed.

The $157 million project in Chicago’s Streeterville neighborhood will be built through a partnership with developer Related Midwest, the Chicago branch of Related Companies and one of the city’s top condo builders, and the AFL-CIO Building Investment Trust.

The glass tower has been criticized for its design, as it looks like many other Chicago real estate buildings, and its 400-car parking garage adjacent to the building that is too visible and could lead to traffic jams.

But, the project is expected to create 750 construction jobs and will include a number of environmentally sustainable features, including an all-season green wall facing Lake Shore Drive. It would be the first building in Chicago to feature an exterior green wall that survives all year long.

The apartment tower is expected to be completed by September 2013.

Let’s hope this project at 500 N. Lake Shore Drive does better than another Chicago real estate project, the Chicago Spire, which was supposed to be located at 400 N. Lake Shore Drive and is now just a hole in the ground.